Macroeconomic Report & Economic Updates

November 25, 2016

Nigeria Economic Update (Issue 48)

Crude
oil price decreased in the review week. OPEC weekly basket price reduced by 3.5
percent to $42.06per barrel from November 4, 2016 to November 11,
2016, while Nigerias bonny light price decreased by 1.1 percent to $44.36per barrel in the same period. Global oil market refocused on oversupply, as
indicated in the OPECs October crude data figures (global OPEC and Non-OPEC
oil supply grew by 0.97mb/day to average 96.32mb/day and outpaced demand by
1.92mb/day).

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Nigeria Economic Update (Issue 41)

Latest World Economic Outlook (WEO) report by the International Monetary Fund reveals that Nigerias economy will grow by 1.9 percent in 2018 an unchanged stance from earlier projections. However, the figure is 2.9 percentage points lower than the 4.8 percent 2018 estimated growth rate in Nigerias ERGP (Economic Recovery and Growth Plan) 2 showing a very large disparity between domestic and international growth forecasts for Nigeria. The Funds projection however seems to have taken into cognizance underlying factors that could slow growth in the medium term: faster pace of population growth relative to GDP growth3, poor policy implementation, banking system fragilities and foreign exchange market segmentation.